For quite some time, there had been speculation that petrol and diesel prices in the country would rise, and today, that news has proven true. Petrol and diesel prices were hiked today, Friday. According to reports, petrol prices have been increased by ₹3.14, and diesel prices by ₹3.11.
In the national capital, the price of a liter of petrol now stands at ₹97.77. Meanwhile, the new price for diesel has reached ₹90.67. In Kolkata, the new price for petrol is ₹108.74, while diesel prices have risen to ₹95.13. In the metropolis of Mumbai, the new price for petrol has been fixed at ₹106.68; as for diesel, the price has reached ₹93.14. In Chennai, the price of a liter of petrol is now ₹103.67, and the price of a liter of diesel has reached ₹95.25.
It is worth noting that crude oil prices have witnessed a significant surge due to the ongoing conflict between Iran and the United States. Consequently, Indian oil companies were incurring monthly losses of approximately ₹30,000 crore.
Until recently, crude oil prices hovered around $70 per barrel; however, these prices have now soared to $126 per barrel. Petrol and diesel prices in the country had remained stable for the past four years, but today, these prices have undergone a revision.
Following the outbreak of the conflict involving the US, Israel, and Iran—which began on February 28 of this year—Brent crude oil prices have hit record highs. Brent crude prices have remained above $100 per barrel as the US and Iran attempt to mediate a long-term ceasefire. The widening scope of the conflict has also impacted West Asian nations, which are major suppliers of fuel. However, India has stated that there is no shortage of fuel and that it possesses an adequate supply of energy resources. On May 12, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri stated that, despite global disruptions and rising crude oil prices, India ensured stable fuel prices and an uninterrupted energy supply, while also significantly boosting domestic LPG production to meet growing demand. Addressing the CII Annual Business Summit 2026, Puri emphasized India’s resilience in navigating global energy shocks through robust policy coordination and effective supply management.
The Minister noted that amidst global supply disruptions and escalating crude oil prices, India ensured the uninterrupted availability of petrol, diesel, and LPG across the country, with no reports of shortages emerging from anywhere. Despite intense global volatility, fuel prices have remained largely stable since 2022—a testament to strong policy coordination and effective supply management. The Ministry of Petroleum and Natural Gas further affirmed that the government has taken several effective measures to ensure an uninterrupted fuel supply for consumers; crude oil stocks remain stable, refineries are operating at optimal levels, and ample stocks of petrol, diesel, and LPG are available nationwide, with no reports of supply depletion from any region.
